US Agriculture: Farmer Sentiment Deteriorated in June

Research evidence excerpt

US Agriculture: Farmer Sentiment Deteriorated in June

J P M O R G A N North America Equity Research

07 July 2026

US Agriculture

Farmer Sentiment Deteriorated in June

Purdue University’s Center for Commercial Agriculture published its Machinery, Engineering &

monthly update on producer sentiment in U.S. agriculture. The headline “Ag Construction

Economy Barometer Index” decreased 6pts MoM to 113 in June (65pts below Tami Zakaria, CFA AC

the April 2021 high). This decline was driven by a fall in current conditions as well (1-212) 622-9888

as future expectations. Farmers’ ratings of future expectations were down 7pts tami.zakaria@jpmchase.com

MoM to 118, while ratings of current conditions were down 5pts MoM to 102 in Raquel Betesh

June, 26 points below its December 2025 reading, reaching its lowest level since (1-212) 622-1313

December 2024. In June, 47% of the respondents cited high input costs as their raquel.betesh@jpmchase.com

biggest concern, while 23% pointed to low crop and livestock prices as a distant Alec R McGuire

(1-212) 622-2432

second. In a related question, 42% of the respondents said high input costs are alec.mcguire@jpmorgan.com

limiting improvements in their financial position this year. J.P. Morgan Securities LLC

Farm sentiment continues to fall on rising input cost concerns. Only 12% of the

respondents said their farm operations were better off in June than a year ago.

Looking ahead, 22% of the respondents expect to be better off financially over the

next 12 months. The June survey asked farmers to identify the main factor limiting

improvement in their farm's financial situation. High input costs were by far the

most frequently cited constraint at 42%, followed by low output prices at 17%,